The new funds comprise £8m from ABB, a leading power and automation technology company, together with £3m
from Aquamarine Power’s
existing shareholders, SSE
Venture Capital, and the
ventures unit of Scottish and
Southern Energy. It is seen as
a major achievement for the Edinburgh-based firm  marking significant endorsement of the company’s Oyster technology.
 
“This is a game-changing moment for our company and for the UK’s marine energy industry,” says Aquamarine Power (left) CEO Martin McAdam. “ABB is a global leader in power and automation technologies and they have taken a strategic decision to invest in Oyster technology.

"Through working together ABB will gain an early-mover advantage in our wave energy technology, whilst we will be able to access ABB’s technical, research and engineering expertise and utilise their global supply chain network.
 
“Our companies are very different in size but similar in ambition. This is a strategic partnership with the shared goal of accelerating the commercialisation and deployment of Oyster wave energy technology around the world.
 
“We would also like to thank our existing investors who remain exceptionally supportive of our business strategy.”
 
The investment in Aquamarine Power was made by ABB Group’s technology investment arm, ABB Technology Ventures. ABB is a Swiss-Swedish multinational corporation with Zurich, Switzerland headquarters. It specialises in power and automation technologies enabling utility and industry customers to improve performance, and lower environmental impact.

First Minister Alex Salmond said: “Aquamarine Power is a  tremendous Scottish success story, at the leading edge of a frontier technology that is attracting serious investment from leading global players such as ABB and Scottish and Southern Energy. I’m delighted to welcome its latest success as we work together to forge the new low carbon economy.”

"Wave energy is primed to become an important part of the world's renewable energy portfolio,” said  (left) Brice Koch, head of ABB Marketing and Customer Solutions, which oversees the company’s renewable energy initiatives among other activities. "This investment reflects our belief in its technical viability, and our confidence in Aquamarine Power’s technology and its management team.”
 
Ian Marchant, (right) CEO of SSE, said: “Wave energy can play a very important part in meeting our electricity needs over the long term. 

"Aquamarine Power is playing a pivotal role in the development of the technology, and this latest investment by SSE is confirmation of our belief in the potential of wave energy and in the ability of Aquamarine Power to fulfill it.”